Switzerland’s tax issues have “short and medium-term negative impact” on new client money, Der Sonntag reported, citing Hans-Ulrich Meister, the head of Credit Suisse Group AG (CSGN)’s private banking business.
Still, the inflow of 5.8 billion Swiss francs ($6 billion) in the first quarter is “not the new standard,” Meister told the Swiss newspaper. The year-earlier figure was 12 billion francs, according to Der Sonntag.
“Client activities will be negatively affected for as long as the problems in Europe are not convincingly solved,” the newspaper reported, citing Meister.
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